Starbucks Falls on Warning

Associated Press 06.21.07, 1:31 PM ET

Shares of Starbucks Corp. declined Thursday, after the coffee retailer warned it might not reach the top of its profit outlook, in part, because of rising dairy costs.

Shares fell 85 cents, or 3.1 percent, to $26.47 in afternoon trading, after earlier hitting a 52-week low of $26.17.

The company warned it will be difficult to reach the high end of its fiscal 2007 earnings forecast range of 87 cents per share to 89 cents per share, citing high dairy costs and soft domestic transaction growth.

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